President FPCCI For Enhancing Bilateral Trade With Nepal

Sumaira FH Published October 25, 2022 | 05:10 PM

ISLAMABAD, (UrduPoint / Pakistan Point News - 25th Oct, 2022 ) :President Federation of Pakistan Chamber of Commerce and Industry (FPCCI) Tuesday urged the need for further enhancing bilateral trade and investment between Pakistan and Nepal, which would be mutually beneficial for the people of both the countries.

He stated this while talking to the Ambassador of Nepal to Pakistan Tapas Adhikari, who visited the FPCCI Capital Office and met with him, Vice President Umar Masood Ur Rehman and other members of the FPCCI and discussed existing trade and economic ties between the two countries.

Speaking on the occasion, the ambassador said that both the countries had great potential to cooperate with each other in various sectors of economy, adding that the bilateral relations between the two countries had always been excellent.

Nepal and Pakistan were members of SAARC and had similar cultural and social backgrounds, he said adding that Pakistan was one of the most important countries for Nepal to promote regional trade, especially in perspective of the SAARC regime.

He said that the logistics issues, lack of communication and proper marketing were some main hurdles in giving a boost to the bilateral trade and stressed the need for exchanging business delegations to enhance trade and promotion of investment opportunities between the two sides.

Speaking on the occasion, President FPCCI Irfan Iqbal Sheikh said that Pakistan and Nepal were members of SAARC and enjoyed friendly relations as it kept emphasizing a well-devised strategy for ensuring regional peace through maintaining trade and economic relations among the SAARC countries.

Nepal, being a land-locked country between China and India, could understand the importance of regional trade better than others, he said adding that Nepal was an import-oriented economy whose imports were far greater than exports.

In the year 2021, Pakistan exports to Nepal were $4.7 million while the imports from Nepal were $ 2.6 million, he said adding that despite huge trade potential, the trade volume between the two countries was very low which stood at $ 7.3 million.